Echelon Ignite Australia alumnus LawPath, has just announced that it has raised a round of investment from LexisNexis, a corporation providing computer-assisted legal research services. The amount of funding is undisclosed.
Founded by Paul Lupson and Damien Andreasen, LawPath generates lead referrals for lawyers, creating a cloud based marketing solution for lawyers. Clients ask their legal questions for free on the LawPath website, which then analyse the questions and links each client with a local lawyer who has the relevant skills and experience to deal with that matter. When the lawyer converts the matter into a billable job, the lawyer then pays LawPath a small commission. According to Damien,
“LawPath essentially becomes an outsourced marketing and business development team for our law firms; the biggest benefit is there are no costs until a lead converts into a billable matter, and we win when our lawyers win”
To date, LawPath has signed up almost 200 participating law firms on their platform, and have connected more than 500 legal matters from their users to the relevant lawyers. CEO Paul shared that 60 percent of their users are small business owners, while 40 percent of them are individuals, who needs legal advices to deal with shareholder agreements, company formation legal help, as well as terms and condition due diligence.
With the investment, LawPath will begin distributing LexisNexis products on the LawPath website. Says Paul,
“We’ll be using the funds to bolster our technical team significantly to make our client / lawyer matching algorithm and process even more effective. Also we’re growing our lawyer recruitment team, and beginning our marketing push on the back of the traction we’ve already gained. Now with the LexisNexis deal closed, we’ll also begin distributing LexisNexis products on the LawPath website and we’ll eventually integrate into the LexisNexis suite of tools for lawyers, we’ll provide the clients, then the LexisNexis system enables lawyers to manage the client and their matter.”
Paul comes from a successful background, where he previously was the co-founder and COO of Budget Places. Budget Places is an online hotel reservation site, which he grew and sold to a London based investment company for A$57 million (US$53 million). His fellow co-founder, Damien Andreasen, was previously the director of sales for Spreets, which was acquired by Yahoo!7 for A$40 million (US$37 million).